Ciner Media Group has told the Turkish Savings Deposit Fund (TMSF) that it must reimburse $300 million before it can buy back the Show TV.
According to Zaman, Ciner was responding to an offer from the TMSF, from which it acquired Show TV in 2013 for $402 million.
The TMSF’s current offer stands at only $97 million, as Ciner paid $305 million for the channel’s private sector debts when it made the acquisition.
The TMSF seized several Çukurova Holding assets, including Show TV, in 2013 in order to claim debts totaling $455.3 million.
Just 15 days later, it sold the channel to Ciner.
The TMSF is reported to have now passed the matter on to the government and is preparing to pay the $300 million after Show TV is sold to a third party.